Coinbase Surges: Bernstein Targets $510 as COIN Hits Highest Price Since IPO

The COIN share of the US crypto exchange Coinbase is currently trading at just under $360, its highest level since its debut in April 2021. Bernstein has revised its price target for COIN from $310 to $510.

The number of publicly traded crypto companies remains manageable, and Circle’s (CRCL) strong debut month in June therefore attracted a lot of attention. But exciting things are also happening at COIN, the stock of the US crypto exchange Coinbase. Its closing price climbed yesterday to just over $355, the last time Coinbase was valued at that level during its IPO in April 2021. Analysts at Bernstein have now drastically increased their price target for COIN from $310 to $510. Time to get in?

Coinbase is the “most misunderstood” company in Bernstein’s portfolio, they say. The crypto exchange is more stable in competition with other providers than many assumed and has been able to maintain high fees. Coinbase is also the only true crypto stock in the S&P 500 index of the 500 leading US companies. Coinbase reported revenue of $6.6 billion and a net profit of $2.6 billion for 2024; at current COIN prices, the company is valued at around $90 billion—slightly more than Rheinmetall, for example.

Coinbase’s broad business model is praised

Bernstein praises Coinbase’s ability to diversify its business model. In addition to fee income, Coinbase also earns significant revenue from services for institutional clients and its silent participation in the stablecoin USDC. The acquisition of the Deribit platform in May also makes it clear that Coinbase intends to expand its profitable crypto derivatives division. All of this should also mean significant upside potential for COIN stock, according to Bernstein.

Analysts now forecast revenues of $9.5 billion for this year, $12.7 billion in 2026, and just over $14 billion in 2027. According to the company’s annual report (), revenues in the first quarter of this year were exactly $2 billion. Bernstein expects Coinbase to generate around 40 percent of its revenues from business areas unrelated to traditional trading of Bitcoin and other cryptocurrencies.

Conclusion: Coinbase (COIN) in the focus of stock market traders

Bernstein describes Coinbase as an “Amazon for crypto,” alluding to the broad range of business areas behind COIN stock. Positive momentum is also expected from the expected legal regulation (Genius) of stablecoins in the US and the general growth of the crypto industry. If the forecasts and assessments prove correct, COIN stock should benefit and Coinbase should keep its shareholders happy.

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